REUTERS: Uh-oh - Worsening global economy driving stocks higher

Wall Street's record high on Thursday lifted Asian stocks on Friday, a day that will be packed with key European and U.S. economic data as well as speeches from Federal Reserve chair Janet Yellen and European Central Bank president Mario Draghi.China's main index leapt nearly 3 percent to a fresh 7-year high, rounding off a weekly gain of 8 percent, its best week this year. Boosted by hopes of further central bank stimulus, it has risen 45 percent in only six weeks.

European shares struggled to match that, but the leading index of European shares was still poised for its biggest gain in six weeks and Germany's DAX its best week since January.

A batch of soft manufacturing data on Thursday from the United States, China and Germany pointed to sluggish global growth but cemented investor hopes that central banks will continue to do all they can to support activity.